The United States will impose significant tariff increases on countries that fail to complete trade agreements before July 9 according to Treasury Secretary Scott Bessent.
Bessent told Bloomberg Television that the U.S. will consider reinstating April 2 tariffs between 11% and 50% if negotiations fail to produce agreements. Bessent stated that the United States would return to its April 2 tariff levels if negotiations fail because of other countries’ refusal to cooperate. “I hope that won’t have to happen.”
Multiple countries currently work under time pressure to prevent upcoming tariff increases. The administration works to establish trade agreements with 18 countries before July 9 as part of President Donald Trump’s initiative for “reciprocal” trade terms.
Bessent made it clear on Monday that Trump will make the final decision regarding deadline extensions which he had previously mentioned.
The market instability and rising inflation concerns stem from investors monitoring tariff-related uncertainties. The July 9 deadline stands as a critical point in worldwide trade negotiations while demonstrating Trump’s commitment to enforcing his tariff policies.
